This has been a phenomenal year so far for shares of streaming video giant Netflix Inc. (NFLX - Get Report)  -- and it's only the first week of March.

Shares of Netflix are already 56.5% higher than they started the year, an impressive rally that leaves the video giant well ahead of its FAANG peers, the group of high-performing stocks made up of Action Alerts Plus holdings Facebook (FB - Get Report) , Apple (AAPL - Get Report) , Amazon (AMZN - Get Report) , Netflix, and Google parent company Alphabet (GOOG - Get Report) (GOOGL - Get Report) .

And this could just be the start of the year's upside potential for Netflix.

That's because, from a technical standpoint, this big tech stocks is in full-blown breakout mode this March.

To figure out how to trade it from here, we're turning to the chart for a technical look.

At a glance, there are two big takeaways that should be apparent from Netflix's chart. First, there's the fact that shares have been in a very well-defined uptrend, bouncing their way up and to the right stretching all the way back to last year. And second, Netflix's uptrend accelerated back at the start of 2018, kicking off a faster-paced rally that's survived the recent correction in the rest of the broad market.

After hitting its head on resistance at the $285 level, Netflix finally broke out through that price tag at the start of last week, sending a fresh buy signal that clears the way to more upside room in the near-term.

Relative strength, the indicator down at the bottom of Netflix's chart, adds some extra confidence to more upside in shares. Higher lows in relative strength indicate that Netflix is continuing to systematically outperform the rest of the S&P 500, even now.

Meanwhile, risk management remains crucial, particularly as volatility increases in this market. From that standpoint, it makes sense to park a protective stop on the other side of the 50-day moving average, a line that's been running in parallel to Netflix's uptrend since early January. Simply put, if the 50-day moving average gets violated, then the uptrend acceleration that kicked off at the start of this year is busted and Netflix could see a more meaningful correction.

Until then, shares are in full-blown breakout mode.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.